Computer Tablets Technology of Choice for Financial Advisors: Survey

Technology is the final frontier for financial advisors, and in increasing numbers they are boldly going where they have never gone before, according to a new Financial Planning survey of 3,200 advisors.

Security and compliance concerns have kept financial advisors from fully embracing technology, but the introduction of the iPad over the past year has been a game-changer, particularly in computer tablet use.  “Never before have so many advisors deployed a new technology so fast,” the survey reported. “Last year, only months after its launch, 17 percent of advisors had iPads. Another 51 percent planned to buy one—and they made good on their word.” Eighty-five percent of the early adopters own one.

Other findings:

∙Twenty-one percent of advisors own an Android tablet, with another 22 percent expressing intent to purchase.

∙Forty-nine percent of advisors use an iPhone, followed by 31 percent who use an Android phone.

∙Blackberry usage among respondents has declined from 37 percent last year to 25 percent. There is a corresponding decline in user satisfaction, which declined from 35 percent to 19 percent.

∙More than 11 percent have at least one computer running on the Apple operating system, more than double last year’s total and nearly four times the number from 2009.

∙Windows 7 has dethroned the decade-old Windows XP as the most-used operating system used by financial planners. Fifty-eight percent use this system.

∙MoneyGuidePro is the financial planning software of choice for 45 percent of respondents, up from 26 percent in 2010 and 20 percent in 2009.

The pervasiveness of tablets will see increased emphasis on client-based apps. In a 2011 wealth level study of technology usage conducted by Millionaire Corner, 65 percent of households with a net worth between $100,000 and $1 million (not including primary residence) wanted an app for their tablet that would access personal account information. An equal percentage expressed the desire for an app that would offer the ability to look at balances from multiple providers.

Forty-two percent would like to see an app that would access articles and research on financial topics and products, while 41 percent want an app to check on stock market ticker tape. Younger respondents were likely the their older counterparts to be interested in apps that would provide webinars and podcasts about financial topics.